Today’s New York Times has a lengthy story, detailing the trader who helped bag JP Morgan’s “London Whale.”If you don’t know, JP Morgan recently announced that it had lost around $2 billion on some bad credit trades. Reports surfaced that one of the players on the other side of those trades was legendary credit trader Boaz Weinstein.
The New York Times Azam Ahmed offers a lot of details on Weinstein’s personal life and professional career. Some of which we knew; some we didn’t.
Here’s a round up of what was written about him:
- He grew up in Manhattan’s Upper West Side.
- He earned the title of chess master when he was 16. At a recent auction, he paid $10,500 to play chess with legend Garry Kasparov. He plays online games with Silicon Valley venture capitalist Peter Thiel.
- He won a stock-picking competition as a student in New York’s prestigious Stuyvesant High School.
- When he was 18, he failed to land a job at Goldman Sachs. But then he was able to get more interviews after playing chess with a senior partner, whom he ran into at a bathroom.
- He studied philosophy at the University of Michigan.
- As a credit trader at Deutsche Bank, Weinstein booked profits in 10 out of 11 years
- In his heyday, he booked around $40 million in profits each year.
- He earned the title of managing director at age 27. At the time, he was the youngest MD in Deutsche Bank history.
- During the height of the financial crisis, his team had lost around $2 billion.
- In 2005, he won a Maserarti at a poker tournament sponsored by a unit of Berkshire Hathaway. He still drives it.
- He’s banned from Las Vegas’ Bellagio casino for counting cards at blackjack.
- His hedge fund Saba Capital, has $5.5 billion under management and his offices are located on the 58th floor of New York City’s Chrysler Building.
- His wife, Tali Farhadian Weinstein, is a lawyer with the Justice Department.
- In the hedge fund industry, Weinstein is known as a ‘monster,’ an unusually aggressive trader.
- He’s currently in talks to buy a $24 million apartment on Fifth Avenue.
Read the whole story at NYTimes.com
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